Leading non-bank business lender, ScotPac today announced a two month extension till the end of financial year of its SME Bounce Back Fund to further support small to medium businesses, particularly those recovering from the floods, get back on their feet.
Launched in November 2021, the $100 million working capital fund allows business owners to access up to $1million working capital funding with the first three months being interest-free.
The fund was initially intended to cease in April 2022; however, in view of the recent floods in QLD and NSW which have caused significant financial hardship for many business owners, ScotPac has extended the fund until 30 June 2022 as part of its ongoing commitment to provide flexible support for SMEs.
ScotPac CEO Jon Sutton said the fund helps SMEs who require fast access to additional funds to invest in their business.
“We’re enabling small to medium business owners invest more in their business today by providing three months interest-free working capital needs through trade finance and invoice finance.
“For some businesses owners who have been impacted by the floods, this also means we can help them get back on their feet with fast access to funds and no interest payments for three months.
“ScotPac has implemented a number of initiatives to support SMEs throughout the pandemic, and the extension of the SME Bounce Back fund is a continuation of our commitment to the sector,” he said.
As part of the ScotPac Bounce Bank Fund, the initial interest cost is completely waived for the business owner and borne by ScotPac. This is a key point of difference from some loan repayment holidays on offer in the banking market where interest is deferred and compounded.
For example, a wholesaler business recently secured a $1million debtor finance facility under the Bounce Back Fund with no interest (discount fee) charged for the first 3 months, and no capitalisation of that interest thereafter.
Further information about the ScotPac SME Bounce Back Fund, including terms and conditions, can be found by visiting this link or calling 1300 177 485
ScotPac is Australia and New Zealand’s largest non-bank SME business lender, providing funding to small, medium and large businesses from start-ups to enterprises exceeding $1 billion revenues. For more than 30 years ScotPac has helped thousands of business owners succeed, by unlocking the value from their business assets. Whether it is purchasing stock, investing in vehicles and equipment, improving cash flow or accessing additional working capital, ScotPac can help.
For more information contact:
Director, Telamon Consulting Pty Ltd
Mob: 0412 205 151
Managing Director, Capital Markets Communications
Mob: 0403 332 977